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CCH Axcess Revs Overtaking Desktop in 2023

McKinstry Nancy NewRevenue for CCH Axcess will pass the amount of revenue for desktop tax and accounting products next year. Wolters Kluwer this week did not disclose the among of revenue for the cloud product but noted the cloud platform’s double-digit organic growth for the first half ended June 30.

“We expect revenue for the cloud platform to overtake those of the on-premise version in early 2023,” CEO Nancy McKinstry said during this week’s webcast for first-half earnings. The desktop offering is the ProSystem fx suite.

Revenue for Wolters Kluwer Tax & Accounting rose by 9 percent organically for the first half ended June 30. The company this week that the unit’s sales were about $858 million, up 15 percent over last year’s correspond period, before currency. North America Professional Tax & Accounting, which comprises 53 percent of the division’s revenue, recorded organic growth of 10-percent, higher than expected.

Factors included a surge in demand for professional services early print book orders, and subscription growth for renewals and new sales for the CCH Axcess Suite. The company reported a “strong uptake” of the suite’s Document, Practice, and Workstream modules, along with a similarly strong performance by Engagement.

The company also cited was termed “higher than expected transactional fee revenue during the U.S. tax filing season.”

Company revenue reached about $2.62 billion for the most recently ended period, rose 14 percent up 7 percent in constant currencies and by the same percentage organically. Net profit was approximately $536.6 million, an increase of 21 percent, 10 percent in constant currency.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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